excess credit considred in 3b
Manju Nath (82 Points)
02 September 2019
In Gstr3b excess credit considered instead of 100 Rs 1000 considered 3b also failed how to rectifiy.
5 Replies
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 02 September 2019
you have to reverse this ITC in next month i.e. 900 in table 4B with 24% interest
Manju Nath
(82 Points)
Replied 02 September 2019
i have balance cgst and sgst 5000 each account still i have to pay interest this is releated to july 19
Uttam
(employee)
(814 Points)
Replied 02 September 2019
By act you are required to pay. if you take different position then you can rely on Ind-swift laboratories and Maruti udyog case laws of punjab high court which can help for defending the position.
Anshul Jain
(Professional)
(190 Points)
Replied 02 September 2019
No need to pay interest. In addition to the decisions mentioned by Mr. Uttam, you can take the support of the recent judgment of Hon'ble Patna High Court in the matter of M/s Commercial Steel Engineering Vs State of Bihar. In this judgment, High Court specifically covered Section 50 of the CGST Act and your case is squarely covered by it.
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